Mike Wilson

So I'm assuming that we get there either through the labor data or through some financial stress.

Yeah, I think it's one and the same.

I mean, obviously the investment in AI is on the premise that it will lead to higher productivity, adoption, and all that works.

I mean, that's the way technology investment works.

So these stocks are not going to work.

The leaders aren't going to work if the foundation itself isn't being supported by the technology investment.

We assume that is going to happen in 2026.

That is part of our thesis.

Okay, but it's not without risk.

So our job is to lay out our narrative, which we have conviction in,

But then to highlight these risks in the short term or in the medium term that could throw that narrative off.

Well, I mean, this is a natural evolution of any capital spending cycle.

There's always going to be a challenge on the return you're going to get.

And this is, you know, we've seen this multiple times.

We saw it a year ago.

We've talked about this, you know, multiple times.

In July of 2024, that was the peak in sort of an AI CapEx deceleration.

So this is an ebb and flow.

What I like to look at is the AI spenders.

How are those stocks reacting?